Grayscale Bitcoin Trust (GBTC), the largest Bitcoin ETF by assets, saw net inflows of new capital from investors. According to Farside Investorsthe first daily increase since the product was introduced in January.
The Far Side reported a net addition of $63 million on Friday. Tally.
Grayscale products have traditionally been the leading investment vehicle for people looking to invest in Bitcoin. (Bitcoin) There is no need to buy cryptocurrencies directly. However, it was exposed to competition in January when nine competing spot Bitcoin ETFs began trading, converting them into easier-to-tradable ETFs.
GBTC’s fees were much higher, and investors swindled billions of dollars out of GBTC.The company’s Bitcoin holdings range from over 600,000 Bitcoins. Approximately 290,000 Bitcoin, according to fund data compiled by CoinDesk.
While Friday’s inflows end the streak of GBTC net withdrawals, BlackRock’s iShares Bitcoin Trust (IBIT) challenges the fund for the title of largest Bitcoin ETF. There is. GBTC is currently $18.1 billion Among assets compared to IBIT $16.9 billion. IBIT, currently in second place, started from zero in January, while GBTC held more than $26 billion.
